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DS News Webcast: Friday 10/23/2015

Ocwen Financial Corporation failed four metrics and was deemed to have failed six others in an independent settlement monitor’s review of the servicer’s entire residential mortgage loan portfolio covering the second half of 2014, according to the monitor’s report filed with the U.S. Court for the District of Columbia on Thursday. Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, found in his report that the Atlanta-based mortgage servicer had failed four metrics on the compliance test for the testing period of Q3 and Q4 for 2014. The four metrics were Pre-foreclosure Initiation Notification Letters, Fee Adherence to Guidance, Short Sale Document Collection Timeline Compliance, and Loan Modification Denial Notice Disclosures. An Ocwen spokesman noted that the test covered Q3 and Q4 2014, and that Ocwen has since implemented corrective action plans for the failed metrics, saying, quote, Ocwen is committed to being fully compliant with all rules and regulations related to our business, and we continue to invest in our risk and compliance management systems. Close quote The national delinquency rate on residential mortgages rose for the second consecutive month, reaching its highest level in four months, according to Black Knight Financial Services’ First Look at Mortgage Data for September 2015 released today. The percentage of delinquent mortgages rose by 1 point 7 percent over the month in September, reaching 4 point 87 percent—the highest level since May 2015. This percentage represented about 2 point 45 million mortgages nationwide. A Black Knight analyst said the two straight months of increases are likely due to seasonality and will probably not continue.

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